The Union Cabinet on Wednesday approved the proposal to extend the scheme for payment of the employer and employee’s Provident Fund (PF) contribution for three months until August. Finance Minister Nirmala Sitharaman, in May, had announced the extension of the scheme under the Pradhan Mantri Garib Kalyan Yojana for three months till August, where the government would contribute entire 24 per cent of PF contributions till August, giving relief to 3.67 lakh employers and 72.22 lakh employees.
The cabinet also approved a capital infusion of Rs 12,450 crore in three state-owned general insurance companies – National Insurance Company, Oriental Insurance Company and United Insurance Company – to strengthen their capital base and make them more stable.
Besides, the cabinet extended the Pradhan mantri Garib Kalyan Anna Yojana, under which 81 crore people were given 5kg rice/wheat and 1 kg pulsesfore free, till the end of November. Earlier, the scheme was in place till June.